http://markafman.com Delivering your long-term mortgage needs with professionalism and integrity. Thu, 04 Feb 2010 18:36:00 +0000 http://backend.userland.com/rss092 en This past Monday, I attended a webinar on a new program that has been rolled out by CHFA (Colorado Housing Finance Authority). Well it's sorta new. It is actually the old MRB FirstStep program taken off the shelf, dusted off, and put back on the market. If you are familiar ... http://markafman.com/mortgage-info/53 By now you may know that FHA is waiving the 90 day flip rule as of February 1st, 2010. Remember that there are a few restrictions: 1) It is only a 1 year waiver of this rule to try to help move inventory. 2) If the sales price is 20% ... http://markafman.com/mortgage-info/52 As I have mentioned before in one of my updates, selling a condo just got a lot harder because of the new FHA guidelines that require all condo projects to be approved or re-approved as of yesterday. The only way around this is if the project was approved in the ... http://markafman.com/mortgage-info/51 Well my last update told you that the IRS tax credit has been extended and expanded to include non-first time buyers. I do have one correction. I reported that the $6,500 for "move-up" buyers went into affect on December 1 but it actually went into affect the moment that the ... http://markafman.com/mortgage-info/50 Here is what we have just learned regarding the  home buyers tax credit. The House passed the unemployment extension bill yesterday after Senate did the day before which includes the extension and expansion of the tax credit.  The President signed the bill into law this morning. Here are some of the details.   ·         First-time ... http://markafman.com/mortgage-info/49 I am having one of those days today. I have a few loans that are trying to get closed for November. I am confident that the $8,000 tax credit will be extended in some form and the President will sign it but most first time buyers made plans to close ... http://markafman.com/mortgage-info/48 We have just received word that the Senate has voted to approve a bill this week that would extend the $8,000 tax credit through June of 2010. The "Dodd-Lieberman-Isakson" amendment would also extend the credit to NON FIRST TIME buyers as well. The non first timers will get $6,500 but ... http://markafman.com/mortgage-info/47 You may remember that one of my last updates was about FHA and the new condo project approval process. Well here is a little bit of good news. While we still do not know how this new process will be implemented, we now know that it won't be implemented until ... http://markafman.com/mortgage-info/46 OK Maybe I am being a little dramatic but the new rules on FHA condo appraisals are going in to affect on November 1 and it may cause you some trouble if you don't understand how they affect your purchase. If you are trying to buy a condo with an FHA ... http://markafman.com/mortgage-info/45 Now for a few FHA updates. There has been some talk that FHA is suffering financially and that because of the huge increase in the popularity of FHA loans, FHA insurance may be over extended. In fact a recent Wall Street Journal article questioned FHA's performance. The statistics however show ... http://markafman.com/mortgage-info/44